All Forum Posts by: Anwar Mai

Thanks @Jens Nielsen and @Michael Dang! I've received other DMs from other BP members and it's awesome to connect with so many in the ABQ market.

I'm currently an investor in Rio Rancho and looking to buy a multifamily 6-20 units in Albuquerque. I have purchased a 4 unit and open to purchasing smaller multifamily, but looking to buy my first commercial multifamily. Looking to connect with investors and brokers. I looked in the network section but didn't see many brokers listed in the area. Tried looking for posts, but couldn't find any recent posts for Albuquerque. 

I understand it is very much a seller's market right now. How is the job market? Was it affected by covid?

Thanks @Sharon Wu I did bring evidence to the hearing. The appeals board just sent me their judgement. They are assessing my home at $1.6M on a purchase price of $1.525M. Considering the original $1.7M value they had assessed my home, it's a win, but they still want the increased value. I did not pay the $500 to get the written findings.

@Nathan Diones I did reach out to the assessors office and could not reach an understanding in informal communications. They assert that the home was sold not in open market. I had a formal hearing with the assessment appeals board where the assessor office presented their case and I presented my case. The assessors offices presented 3 comps whose days on market were 5,9, and 15 days. The home I bought was on the market for 29-30 days. One of the board members asked the assessor if they considered that time period open market. The assessor agreed 30 days would be considered open market. I will get a ruling sent to me via mail. I hope the board decides to set my assessed value at my purchase price. 

Thanks Bruce. I'll contact some friends to see if a nearby Congress rep can help.

I purchased my home in San Mateo County last year for $1,525,000 in a private party sale. The county assessed it at $1,700,000. It was on the open market for a month with no takers. There were 2 homes in my development that sold for $1,700,000, but at least 2 other homes in the area at 3 months earlier with the same size sold for $1,545,000. Do you think I can win my appeal? 

I'm bringing my comps and the appraisal that was done at the time of purchase showing compatibles at that time. I'm also bringing an estimate on new replacement of 30 windows in the home to replace some failed windows that show $120,000 for the estimate. Is there anything else I should bring?

The assessor asserts that they have fair market value because the seller saved on commission and that saved commission is getting added to the value on the purchase price as part of their appraisal. 

@Dulce Beltran I’m in your position and pulling the trigger on a 2016 Tesla model S 70D for $39K. If you want to go to a credit union and see if they will finance the car. I was approved for 3.5% for 72 months. The loan amount is 50 K. I’m still deciding whether I want to pay cash or take a loan and use the cash for an RE purchase. Based on all the feedback it seems to be a good buy. I just sold my 2008 BMW M3 convertible to a dealer and may use the proceeds on the Tesla. The M3 was just too costly to maintain. I had a 2004 Prius before that and drove it to 240k miles before it died and I donated it to charity.

2 members of my family have the model S and they love it. Haven’t had any problems. One has a 2014 60 and one has a 2015 P85D. They both commute. Autopilot comes in handy on the P85D. I plan on using autopilot as I commute ~100 miles a day for work. Plan on using the AWD for trips up to Tahoe for the snow or summer trips. Also plan on taking it for road trips down to LA and SD to visit family more often. I was considering a used P90DL but that was 20k more and I want to use those funds more wisely.

Point being- it comes down to a personal choice. It seems to make sense for convenience, financial, and emotional perspectives. If it lasts 10 years, it pays for itself in refueling costs as I live near a supercharger and get charging at work. That alone sold me on the car.

Thanks Eddie and Brian! What part of Sacramento would you recommend? I have been looking at downtown Sac for sometime. Also looking at Fairfield and Merced.

Another update: My county assessed my home for higher than the purchase price. Now I have to wait until July when they open up the appeals process to file an appeal. I'm being assessed $200k over my purchase price, because other people purchased 3-4 other homes in the same neighborhood for $200k more than what we paid for our home. I'm tempted to refi to pull out that $200k and buy another property.

Hi @Paul Luetchford thanks for asking about an update. I bought the SFR in March and did a 60 rent back. I moved in July and I love the home. It's in a great neighborhood with great neighbors and the school district is nice and challenging. I'm still looking to buy a 4plex in the Merced area. I have yet to seriously look out of state. I'm considering house hacking by renting a room on AirBnB or renting monthly until my in-laws are ready to move in. It will be interesting to see how rising rates affect the market as there is still limited supply in my area.